Bittrex NY Users to be Caught Off Guard

Due to legal issues, Bittrex ceased providing service to residents of New York and despite warning two month ago, some users got their assets blocked
10 June 2019   947

Bittrex Cryptocurrency Exchange on June 9 completely stopped the service of New Yorkers. Although the official announcement about the need to withdraw funds from the trading platform was published 2 months before, comments on the network indicate that not all users of the exchange knew the plan of action. Reddit users report about it.

The amount of people that don't know is staggering. I saved my friend 40k yesterday.
 

alexcaggz @reddit

Residents of New York accounts ban at Bittrex was the result of the refusal of the local financial regulator to provide the exchange with a license to carry out activities in its jurisdiction.

The New York State Department of Financial Services has exposed the company in numerous violations of current requirements, including providing access to the trading platform to residents of countries from the sanction lists and users who have used false names. Bittrex itself claims that it was negotiated, and insists that it took measures to eliminate a substantial part of the regulator's comments.

Last week, Bittrex announced that it will close access to 32 assets on its platform for US users.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   210

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.